NetworkNewsWire
Editorial Coverage: As investors enter the second quarter
looking for signs of growth sectors, cryptocurrencies and
blockchain-related markets remain at the top of the list in
potential. In particular, the advantages of blockchain technologies
and their secure, immutable shared ledgers are rapidly gaining
recognition in the international trade and finance, security,
gaming and healthcare sectors. Several companies are advancing
programs to educate the broader investing public about blockchain
technology. Those companies include SinglePoint, Inc.
(SING) (SING
Profile), which has been aggressively making strategic
acquisitions and building a diverse portfolio in the blockchain
space. Other public companies pursuing opportunities in the
expanding blockchain sector include Longfin Corp.
(LFIN), Accenture PLC (ACN),
Marathon Patent Group, Inc. (MARA) and
Overstock.com, Inc. (OSTK).
Blockchain Going Mainstream
With an extensive history in payment technologies, SinglePoint (SING) is selectively
building a portfolio of subsidiaries and partnerships in the
blockchain sector as the technology becomes accepted by global
blue-chip enterprises.
The rapid ascendance of blockchain and its growing significance
to multiple marketplaces present a rare opportunity to invest in a
transformational technology, somewhat akin to the early dot-com
days. The buzz-phrases “creative destruction” or “disruptive
technology” could easily be applied to the beneficial upheavals
expected in finance, payment processing, trade, transportation and
other industries as blockchain platforms become ubiquitous.
SinglePoint’s widening portfolio of blockchain assets
includes:
- A letter of intent to acquire 100 percent of Bitcoin Beyond, a
premier platform that enables merchants to accept bitcoin payments
using existing web-enabled, point-of-sale devices (http://nnw.fm/t9zNO).
- SingleSeed Payments subsidiary is developing a proprietary
cryptocurrency solution that allows cannabis merchants and
consumers to take advantage of bitcoin-powered transactions using
debit and credit cards. In addition to making bitcoin-backed card
purchases possible in all retail settings, SinglePoint’s initiative
will enable cannabis dispensaries to digitally track and manage
their product inventories, performing tasks such as uploading
product data, photos and descriptions. The system deducts items
automatically from a dispensary’s product listings when a purchase
is made (https://singleseed.com/).
- Original “Shark Tank” member Kevin Harrington as company
spokesman for an innovative, compatible virtual wallet to store any
type of cryptocurrency. A recognized serial and successful venture
capitalist, Harrington will host a new national television and
online media ad campaign featuring SinglePoint and the virtual
wallet’s secure method of storing cryptocurrencies (http://nnw.fm/b8E8o).
- A blockchain platform for healthcare applications to be built
with ORHub, Inc. following completion of a letter of intent.
ORHub’s surgical resource management software is transforming the
way hospitals handle operating-room data, thereby enabling
reductions in supply-chain costs. SinglePoint will develop
blockchain-based solutions with ORHub to enhance the value of data
collected by the operating-room software platform (http://nnw.fm/IxwQ4).
For more information on these endeavors view the company’s
shareholder update http://nnw.fm/oso7M
SinglePoint Leadership
Recently SinglePoint moved to the OTCQB Venture Markets. With
this move the company added former Amazon general manager and
current F5 Networks senior vice president Venugopal Aravamudan to
its board of directors. At Amazon, Aravamudan helped run Amazon Web
Services Relational Database Systems, and at F5 Networks, he is
responsible for next-generation cloud services.
This additional to the team looks to open multiple new
relationships and opportunities for the company.
The Future of Blockchain
As the finance and trade industries lead the way to wider
adoption of blockchain technologies, it appears inevitable client
industries will follow. German banking giant Deutsche Bank (DB)
projects that blockchain-enabled systems will record transactions
for 10 percent of global GDP by 2027 (http://nnw.fm/rTeW3).
The IT research and consulting firm Gartner Group projects a
sharply rising arc for blockchain providers. Analysts state
blockchain is estimated to have delivered $4 billion in business
value-add or technology innovation in 2017, which it expects to
increase five-fold to $21 billion in two years and soar to $176
billion by 2025. Looking out further, Gartner estimated blockchain
will be a $3.1 trillion value-added industry by 2030.
By these measures, blockchain technology is still in its infancy
in terms of commercial potential. If blockchain unfolds as the
internet did, new applications will be found that have not yet been
considered.
Other Companies in Blockchain Space
Global management consulting giant Accenture
(ACN) reported March 12 it had created a blockchain
prototype with the goal of eradicating bogus pharmaceuticals from
global supply chains and is partnering with delivery-and-logistics
leader DHL to that end (http://nnw.fm/Cq5tb). The two companies announced they
have created a blockchain-based serialization prototype with nodes
in six geographic areas to track pharmaceuticals across the supply
chain (http://nnw.fm/4kOt5). According to Interpol, about a
million people die each year globally because of counterfeit drugs,
and some 30 percent of pharmaceuticals sold in emerging markets are
thought to be fakes.
Marathon Patent Group (MARA) shares recently
surged nearly 60 percent in a single trading day after the company
announced it had commenced bitcoin mining at its new facility in
Quebec. In February, Marathon announced it had purchased 1,400
Bitmain Antminer S9 miners and that it had leased space in Quebec,
which is renowned for its comparatively low power costs. Marathon
said it may add another 2,800 Antminer S9s as it evaluates
productivity.
Longfin (LFIN) is working to connect 70 FX and
spot exchanges with 300 banks through its electronic market
platform. The company also announced in January that its Ziddu
Smart Contracts are commercially available on the Ethereum
blockchain. Longfin contends that currently Ziddu.com is the only
venue for decentralized smart contracts.
Overstock.com (OSTK) launched an initial coin
offering in December, and the company’s CEO told CNNMoney he may
consider selling off the better-known online retail business to
focus on the 10 blockchain companies it owns. In January, Polymath,
a security token launch pad, reported a partnership with
Overstock’s blockchain subsidiary, t0.com, Inc. (tZERO), in which
Polymath is acting in an advisory role in connection with tZERO’s
$250 million ICO. With a market-cap of $1.30 billion, Overstock.com
said in March it is cooperating with a Securities and Exchange
Commission inquiry into the cryptocurrency and blockchain
sectors.
While blockchain technology remains an emerging influence in
world business, it has already demonstrated its potential power as
a transformative means of providing security to commercial
transactions, including financial processes. Blockchain appears to
have the capability of becoming a disruptive market influence as it
alters the way the world does business.
For more information on SinglePoint, visit SinglePoint,
Inc. (SING).
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